Correlation Between SUNOCO and Pinterest
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By analyzing existing cross correlation between SUNOCO LOGISTICS PARTNERS and Pinterest, you can compare the effects of market volatilities on SUNOCO and Pinterest and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in SUNOCO with a short position of Pinterest. Check out your portfolio center. Please also check ongoing floating volatility patterns of SUNOCO and Pinterest.
Diversification Opportunities for SUNOCO and Pinterest
Significant diversification
The 3 months correlation between SUNOCO and Pinterest is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding SUNOCO LOGISTICS PARTNERS and Pinterest in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pinterest and SUNOCO is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on SUNOCO LOGISTICS PARTNERS are associated (or correlated) with Pinterest. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pinterest has no effect on the direction of SUNOCO i.e., SUNOCO and Pinterest go up and down completely randomly.
Pair Corralation between SUNOCO and Pinterest
Assuming the 90 days trading horizon SUNOCO is expected to generate 22.45 times less return on investment than Pinterest. But when comparing it to its historical volatility, SUNOCO LOGISTICS PARTNERS is 6.74 times less risky than Pinterest. It trades about 0.01 of its potential returns per unit of risk. Pinterest is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 2,642 in Pinterest on September 3, 2024 and sell it today you would earn a total of 390.00 from holding Pinterest or generate 14.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 98.38% |
| Values | Daily Returns |
SUNOCO LOGISTICS PARTNERS vs. Pinterest
Performance |
| Timeline |
| SUNOCO LOGISTICS PARTNERS |
SUNOCO and Pinterest Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SUNOCO and Pinterest
The main advantage of trading using opposite SUNOCO and Pinterest positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SUNOCO position performs unexpectedly, Pinterest can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Pinterest will offset losses from the drop in Pinterest's long position.| SUNOCO vs. Merit Medical Systems | SUNOCO vs. Centessa Pharmaceuticals PLC | SUNOCO vs. SunLink Health Systems | SUNOCO vs. Integral Ad Science |
| Pinterest vs. Twilio Inc | Pinterest vs. Meta Platforms | Pinterest vs. Alphabet Inc Class C | Pinterest vs. Alphabet Inc Class A |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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